Tax-breaks fracture FSC revision

Ed Feul­ner, pres­i­dent of the Her­itage Foun­da­tion, “explains”:http://www.heritage.org/Press/Commentary/ed051004c.cfm why the Con­gress has so far failed to pass a law fix­ing the FSC export sub­si­dies that the WTO found (twice) were ille­gal, risk­ing an increase in sanc­tions already being applied by the EU. bq. There ought to be a law against such shenani­gans. Unfor­tu­nate­ly, we already know it would nev­er pass. (“Her­itage Foundation”:http://www.heritage.org/Press/Commentary/ed051004c.cfm) UPDATE: the LA Times “reports”:http://www.latimes.com/news/printedition/asection/la-na-tax12may12,1,1864041.story?coll=la-news-a_section that, as Feul­ner pre­dict­ed, the Sen­ate has passed it’s ver­sion of a revi­sion with what Sen. John McCain calls a ‘christ­mas tree of good­ies for ever con­ceiv­able spe­cial inter­est’.

Peter Gallagher

Peter Gallagher is student of piano and photography. He was formerly a senior trade official of the Australian government. For some years after leaving government, he consulted to international organizations, governments and business groups on trade and public policy.

He teaches graduate classes at the University of Adelaide on trade research methods and the role of firms in trade and growth and tweets trade (and other) stuff from @pwgallagher